EUR/NOK upside capped near 9.6500

By FXStreet The Norwegian krone is depreciating vs. the single currency today, with EUR/NOK hovering over the area of 9.6300.

EUR/NOK stronger on oil, data

The cross has reverted the initial bearishness after Norwegian GDP figures have come in below consensus today, showing that the Nordic economy has unexpectedly contracted 1.2% QoQ during the fourth quarter, vs. 0.2% initially forecasted and sharply lower than the 1.6% expansion seen during the previous quarter.

Adding to NOK weakness, crude oil prices have returned to the negative territory after today’s closed-door meeting between Venezuelan, Russian, Qatar and Saudi oil ministers has disappointed expectations.

EUR/NOK significant levels

As of writing the cross is up 0.04% at 0.6222 and a breakout of 9.7199 (high Feb.9) would expose 9.7511 (high Jan.21). On the other hand, the next support lies at 9.5718 (55-day sma) followed by 9.5488 (20-day sma) and finally 9.4949 (38.2% Fibo of 0.0814-9.7511).
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Source:: FX Street